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TMI BlogBUDGET 2012 - Income from other sourcesX X X X Extracts X X X X X X X X Extracts X X X X ..... BUDGET 2012 - Income from other sources X X X X Extracts X X X X X X X X Extracts X X X X ..... of FMV • Where a company (in which public are not substantially interested) receives from a resident, consideration for issue of shares exceeding the face value, such consideration in excess of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the FMV will be taxable. FMV of shares to be higher of: • value as per prescribed method; or • value based on assets including intangible assets, on the date of issue of shares, as subst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... antiated by the company to the satisfaction of the Revenue authorities. This provision is not applicable to consideration for issue of shares received by VCU from a VCC or VCF. Taxation of transacti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons without consideration or for inadequate consideration • Presently, any sum or property, the aggregate value of which exceeds Rs. 50,000 in a year, received by an Individual or HUF without co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsideration is taxable in the hands of the Individual or HUF unless it is received from a "relative" as defined under the Income-tax Act. The definition of the term "relative" has been amended to inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lude members of the HUF.
The above amendment will be effective retrospectively from 1 October 2009. X X X X Extracts X X X X X X X X Extracts X X X X
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